Norges Bank is set to deliver another hike in December. That should be the last one but, if NOK depreciates, NB can easily add more tightening: the domestic economic picture isn’t worrying.

The global bond sell-off is negative for NOK, and while tighter monetary policy helped ease the pain, the recent Oil price correction left the Krone without a floor. 

Also, daily FX sales will remain high into year-end, and NOK downside risks remain tangible before any turn in US data boosts pro-cyclicals.